GMR picks Citi, three others for $300-$350M airport IPO

GMR Infrastructure has hired four banks including Citigroup and JPMorgan to manage the listing of its airport business that is expected to raise $300-$350 million, sources with direct knowledge of the matter said.

The company, whose business interest includes airport, power and roads, has also picked Axis Capital, a unit of private Indian lender Axis Bank, and IDFC for the public offering, three sources involved in the process said.

All the sources declined to be identified as the IPO plans are not public yet. GMR, Citigroup, Axis Bank and IDFC declined to comment. JPMorgan did not respond to a request for comment.

GMR operates airports in New Delhi, southern Indian city of Hyderabad and Istanbul in Turkey in partnership with other companies. The company owns majority stakes in both the Indian airport joint ventures.

The group founders and private equity investors including Standard Chartered will sell some of their shares in the initial public offering of the airport unit, expected in the second half of next year, said the sources.

GMR, which is said to be in talks to sell its 40 per cent in Istanbul's Sabiha Gokcen airport, is part of a consortium likely to win a $400 million tender to operate central Philippines' Mactan-Cebu International Airport.

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